Bitcoin traders and analysts have been using previous models to determine what Bitcoin will do in the short term. Dring February 2020, it shot to $10,500 and by March had dropped to below $6,000. At this point, BTC stands at just over $7,000, which many expecting the number to reach close to February gains or matching it, while others felt that the trend could end in a serious drop and hurt investors.
PentarhUdi, who is a well-known analyst and trader said:
This should bounce up from weekly SMA 200 ($5200) up to daily sma 200 ($8500). Break up of the upper trend line invalidates this bearish count. I remind you this is a hypothetical bearish outcome of previous published ideas.
Anyone that is new to the cryptocurrency market could find themselves confused with the many suggestions across the board from investors, traders, and analysts. Scott Melker who is a trader of cryptocurrencies said:
If you’re a bear, red was a clear spot to try a short. If you are a bull, a pull back to green looks like a good entry.
Bitcoin has been rising and falling so often that many analysts and traders keep watching even though they make numerous predictions. The bull and bear of this cryptocurrency has seen some expecting a rise while others expect a dip.
What are your thoughts and expectations in the short term? If you have anything to add, please share in the comments below. Visit Cointelegraph.com